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PNSC - PSX - Technical Analysis - Buy CallOn Daily TF, Price has seen a steep bull run of 4 days. Then retracement of 5 days and now price is in distribution phase for the last 10 days. This is a good sign for another bull run. Hidden Bullish Divergence on RSI is also present which also confluence a sharp increase in price. KVO is just below zero (in bear run) but turning upwards. Blue line (Oscillator) is about to cross green line (trigger) as well. Therefore, one can enter in trade immediately at Market price or technically correct value at 291.50. Therefore, Buy trade should be :- Entry (Buy) : 291.50 Stop Loss: 269.50 TP1: 320 TP2: 383
PSX:PNSCLong
by Golden_Spur
Potential Upward Movement in STX!Falling Wedge Pattern: This pattern, typically considered bullish, suggests a potential reversal to the upside. The fact that it's forming within an ascending parallel channel reinforces this bullish outlook. On-Balance Volume (OBV) Divergence: While the price has been making higher highs and lower lows, the OBV is registering higher highs and higher lows. This positive divergence indicates that, despite price fluctuations, buying pressure is increasing, which often precedes a price uptick. Relative Strength Index (RSI): Currently at 40, the RSI is approaching oversold territory. This suggests that the asset may be undervalued, potentially setting the stage for a price rebound. Support Levels: The price is currently at the support level of both the parallel channel and the falling wedge pattern. These converging support levels can act as a strong foundation, increasing the likelihood of a price bounce. Given these factors—the bullish falling wedge within an ascending channel, positive OBV divergence, RSI nearing oversold levels, and the presence of strong support—there's a technical basis to anticipate a potential upward movement in STX's price. However, it's essential to consider broader market conditions and conduct thorough research before making any investment decisions.
Long
by FuldenYsltp
Sentiment Play Before Major Events (Past)Fundamentals & Sentiment EUR: - Recent economic data has been bullish, driving the euro up GBP: - Raised taxes - bearish in the short-term for the pound - Recent bearish economic data Technical & Other Expectations - after such a runup, the technical area is good for taking profits, especially before NFP on the same day and the US Elections next week. Setup: S(B) Setup timeframe: 1h Trigger: 1h Medium-term: Up Long-term: Down Min target: 50% of the upward move Stop loss: 0.26% Position size: 0.66 of the normal Risk Unit
Short
by Cherry94
Gold weekly summary and forecast 11/2/2024As expected in my last week's forecast, gold indeed touched upper end of the channel and dropped quickly and closed the week with a red candle. I expect a few weeks' selling session is coming, if the channel is broken next week. From 2d TF, bearish trend is not confirmed yet. I expect a head-shoulder pattern to form next week. So Monday we may see a quick drop to 2720 and reverse from there. We could see a drop from 2760 on Wed onwards and close the week with strong red candle. Next week's low will be at least 2678. Let's see what the market will give us. Happy weekend and happy trading to all.
OANDA:XAUUSDShort
by SteadyFund
#Nifty50 outlook for upcoming week 4th-8th Nov 2024Last week, the Nifty 50 index concluded at 24,304 points, marking a 125-point surge from the previous week's close. It reached a high of 24,498 and a low of 24,134. As anticipated, the index successfully tested the 24,500 resistance level before settling at its current position. With the India VIX index indicating an upward trend, the Nifty 50 is expected to trade within a broader range of 24,900 to 23,700 in the coming week. A breach of these levels could trigger significant market volatility. The upcoming US elections on November 5th are likely to intensify the tug-of-war between bulls and bears. I'm closely monitoring the 23,511 level (DEMA200) as a potential entry point for NiftyBees. However, it remains to be seen if this opportunity materializes. S&P 500's Weekly Performance and Outlook The S&P 500 index ended the week at 5,728 points, approximately 80 points lower than the previous week's close. It touched a high of 5,850 and a low of 5,702. This week, the index found support at the DEMA50 level. If it dips below 5,702 next week, it could test support levels at 5,637, 5,585, and 5,400, which would have negative implications for global markets. To resume its upward trajectory, the S&P 500 needs to close above 5,700 on consecutive days. This could propel it towards the 5,821, 5,868, and 5,899 levels.
NSE:NIFTY
by ssudhirsharma11
EUR/USD retreats in the aftermath of US NFP dataEUR/USD has given up its upward momentum after facing selling pressure near the key resistance level of 1.0900 during the North American trading session on Friday. The currency pair declined as the US Dollar strengthened significantly following the October Non-Farm Payroll (NFP) data. Although there was an initial negative reaction, the Dollar quickly regained strength, with the DXY Index rising above 104.00. The report indicated that the economy added only 12,000 new jobs, which is significantly lower than the estimated 113,000 and the previous month’s 223,000, which was revised down from 254,000. The unemployment rate remained stable at 4.1%, as expected. Looking at the technical chart, we can see that the trendline indicates a clear downtrend for this currency pair. The downward momentum of EUR/USD is likely to continue as it encounters two key resistance levels at 1.088 and 1.085. If the price fails to break through these levels, it may lead to a deeper decline, with the next target potentially being the support level at 1.080. Conversely, if the pair breaks the 1.088 resistance and stays above it, this could create an opportunity for a recovery, opening up the possibility of testing the 1.090 level again. Do you think this currency pair has a chance to reverse? Let me know in the comments!
by Alisa_Rokosz
Gold Price Today: Continues to DecreaseThe global gold price continues its downward trend, with spot gold falling by 11 USD to 2,736.4 USD/ounce. The recovery of the USD has put significant pressure on gold prices, causing the precious metal to decrease by 0.2% on the day. The USD has regained what it lost earlier and increased by 0.4%, making gold less attractive. On the 4-hour chart, we can easily see the downtrend of gold. After encountering strong resistance at 2,786 USD/ounce, gold has the potential to reverse and drop to the support level of 2,754 USD/ounce, which was previously a resistance level. If the downward trend continues, gold prices may fall to the important support level of 2,735 USD/ounce, where it could prevent further declines and create opportunities for a future increase. In the current context, investors are closely monitoring the movements of the USD and other macroeconomic indicators to make informed trading decisions.
OANDA:XAUUSD
by Alisa_Rokosz
Analyzing Dogecoin (DOGE) on the 1-hour timeframeAnalyzing Dogecoin (DOGE) on the 1-hour timeframe, the price is approaching a resistance level marked by the pink zone. A breakout above this resistance could lead to a move towards the target area indicated by the blue zone. Key Points: Current Resistance: Pink zone on the chart. Potential Target: Blue zone above the current resistance. Action Plan: Monitor for a confirmed breakout above the pink zone before considering a long position towards the blue zone. Always ensure proper risk management and wait for clear confirmation before entering a trade
Long
by rebenga93
Analyzing the AUD/USD pair on the 1-hour timeframethe AUD/USD pair on the 1-hour timeframe, the pair is currently in a downtrend but has not yet reached the green support zone. If the price returns to this zone, it could attract buyers, potentially pushing the price upward. This scenario may present a long opportunity, provided there's a confirmation signal before entry. Key Points: Current Trend: Downward movement towards support. Support Zone: Identified in green on the chart. Potential Action: Look for bullish confirmation signals upon price reaching the support zone before considering a long position. Always ensure proper risk management and wait for clear confirmation before entering a trade.
Long
by rebenga93
Analyzing the EUR/USD on the 30-minute timeframethe EUR/USD on the 30-minute timeframe, the pair is currently in a downtrend but has not yet reached the green support zone. If the price returns to this zone, it could attract buyers, potentially pushing the price upward. This scenario may present a long opportunity, provided there's a confirmation signal before entry. Key Points: Current Trend: Downward movement towards support. Support Zone: Identified in green on the chart. Potential Action: Look for bullish confirmation signals upon price reaching the support zone before considering a long position. Always ensure proper risk management and wait for clear confirmation before entering a trade.
Long
by rebenga93
GOLD MULTITIMEFRAME ANALYSIS FORECASTGOLD FORECAST FOR NEXT WEEK You can download the multi timeframe analysis in the link below RECAPS - Daily : Bearish - 4H : Bearish - 1H : Bearish - 15m : Consolidation Gold seems to have bearish continuation from last bloody Thursday, Nov 31. Although last NFP data came in significantly drop below expectation with only 12k jobs added compared to the previous month 223k, this weak data couldn't support gold to continue bullish. Last thursday news indicating that US economy is resilient, with drop of Jobless claims and raise in ADP. We might see a high volatility in the market for the upcoming week since there are 2 big agendas; US Election on Nov 5 and FOMC Nov 7. If the Fed decide to pause the interest rate cut, we might see huge correction for Gold. Right now, traders still expecting 25bps cut. Daily candle closed bearish with a long wick and multiple rejection at $2760. FORECAST 1. Consolidation at $2735 and directly going down to seek sellside liquidity. 2. Bullish correction toward POI and then continue impulsive movement to the downside. 3. If there is impulsive movement to the upside, look for buy opportunity. Gold may reach price level of $2760 - $2770 again. OANDA:XAUUSD
OANDA:XAUUSD
by WFX_Trader